Polygon recently joined hands with Alchemy Pay to release fiat on-ramps. The integration allows Polygon to support direct fiat payments for DeFi on the platform. In addition, Alchemy Pay will build a bridge between crypto and fiat payments to set up the on-ramp.
The latest development boosted Polygon’s popularity across the sector. Many traders looked for a Polygon forecast to assess its short-term movement. The collaboration allows over 4,000 Polygon-based apps to enact transactions on DeFi apps through direct fiat on-ramps. It allows them to accept payments via popular methods, such as:
- Local Payment Channels
It will also assist DeFi payments on eCommerce platforms like Shopify. Alchemy Pay handles 5 million dollars worth of daily transactions, primarily in the European and Asian regions. The platform is certain to experience a boost after the latest integration and an upcoming collaboration with Shopify.
Sandeep Nailwal, Polygon’s Co-Founder, talked about the latest integration. According to Sandeep, despite the challenges of Ethereum’s global usability, DeFi protocols are prospering. However, DeFi needs scalability solutions to enter the mainstream arena, and Polygon addresses the issue with Alchemy Pay.
The integration will resolve Ethereum’s expensive and slow transactions, offering a gateway between crypto and fiat transactions. It also unlocks new customer prospects for Polygon as the network elevates its DeFi operations.
Many DeFi enthusiasts want Ethereum to release more payment solutions for a smoother experience. Under such circumstances, Polygon’s ability to manage transactions between crypto and fiat will be pivotal.
John Tan, Alchemy Pay’s CEO, also commented about the development. John stated that using fiat payment methods is essential for a seamless payment experience on crypto-based networks. In addition, it reduces the tendency of only holding long-term tokens while appealing to DeFi users.
Thus, the integration will allow dApps developers to invest more efforts and resources in the sector. In addition, Alchemy Pay and Polygon help people use DeFi and blockchain platforms instead of merely speculating on the coins.
The ventures are also part of the new BIA (Blockchain Infrastructure Alliance) industry framework leaders and builders. The alliance comprises DeFi platforms, stablecoins issuers, crypto exchanges, payment solutions, and more integral parties.
The BIA aims to grow the blockchain and crypto space, making it suitable for mainstream users. The latest collaboration between Polygon and Alchemy Pay will also promote the purpose throughout the sector.